Economic aide Arkady Dvorkovich has complained that G20 nations are not abstaining from protectionism as promised at the April summit. Anti-crisis measures will be upheld, Dvorkovich added, apparently contradicting the Central Bank chairman who had said that the crisis has receded enough to consider withdrawing some measures. Diversifying Russia’s economy is going to be an uphill struggle, one that has been put on the back burner by the financial crisis, argues Reuters. A trade union at Avtovaz automaker has announced it will hold mass protests against the company’s decision to enforce redundancies, according to RFE/RL. Oleg Deripaska’s GAZ Group will slash 14,000 jobs. GAZ will get its hands on GM technology as part of the Opel deal, posing possible problems for the US carmaker’s market share in Russia. Mikhail Prokhorov may bankroll a Brooklyn basketball stadium. Death and taxes may be perennial, but funeral parlors have reportedly seen a 35% drop in profits this year. Putin will meet top US businessmen at the Sochi investment forum in a possible precursor to deals. The Prime Minister’s energy chief, Igor Sechin, has blamed ‘corporate ethics’ for the accident at the Sayano-Shushenskaya station. An overview of the recent tribulations of Russia’s oligarchs here.
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One Comment
It seems Russia has been set back a few years by the crisis but green technology won’t come fast enough to reduce the world’s dependence on natural resources. Thus, Russia does have time to diversify the economy and save money for more rainy years like the ones we are having now. Domestic politics are still under control and with the US backing off its missile deployment in Poland and the Czech Republic it seems internationally Russia is gaining soft power as well. But change doesn’t come easily in Russia, something I think Yeltsin probably mentions in his new book.